TACO ANNOUNCES AGREEMENT TO ACQUIRE ASKOLL SEI
Cranston, RI, USA-Dueville, Italy, October 30, 2015 –
Advancing the strategic partnership with Italian pump manufacturer Askoll®, Taco Comfort Solutions™ announced today that it has signed an agreement with Askoll Holding srl to acquire 100% of Askoll Sei, a world class manufacturer of high efficiency pumps, located in Sandrigo, Italy.
The agreement was signed at Askoll’s world headquarters in Dueville, Italy by Elio Marioni, Askoll’s founder and President, and John Hazen White Jr., CEO and Chairman of the Board of Taco Group.
Upon completion of the acquisition, the new Taco Group company will be re-named Taco Italia srl and will use the trade name “Askoll Flow Solutions™” (Askoll is the licensed trademark of Askoll Holding srl).
Discussing the transaction, John Hazen White Jr. stated, “With this acquisition, Taco has transitioned from being an American company based in Rhode Island to a global company based in America.”
Elio Marioni, President of Askoll, added that, “The transaction reflects the pragmatic decision for Askoll to focus in the core business of appliance components as well as strengthens the foundations of the new urban mobility project which Askoll considers key for its future growth”.
Luca Bolcati (previously Corporate Business Director of Askoll Group) will become Senior Vice President of TACO International and Stefano Salvi will maintain the role of General Manager of the new Taco Group company.
The Taco delegation was led by Wil VandeWiel, President and COO of Taco Group; Taco was advised by Tom Tullo of Compass Partners and by New York law firm Morrison Cohen led by Partner Michael Martell and Associate Matthew Friedman. The Italian law aspects were managed by Milan-based attorneys NCTM coordinated by Partner Stefano Padovani.
Translink Strempel & Company Srl served as financial advisor to Askoll Holding while Partner Davide Proverbio of King & Wood Mallesons served as legal advisor to the General Counsel of Askoll Group, Filippo Venturini, who coordinated the entire transaction.
About Taco Comfort Solutions™
Taco Comfort Solutions™, a Taco Group Company, is a family-owned American manufacturer of HVAC heating, cooling, and plumbing products for the hospitality, education, municipal and residential markets. In business since 1920, the ISO 9001 company develops and manufactures a wide range of products and systems for both residential and commercial applications, to include circulators/pumps, valves and controls, air-dirt separators, heat exchangers, buffer and expansion tanks, domestic hot water and accessory products, and building management controls.
About Askoll Holding SrL
Askoll is an Italian company leading the market in electrical synchronous and brushless motor technology. On-going investments in R&D and perfect integration between product and process development has made Askoll among the most innovative producers of components for home appliances, water pumps and eco-friendly electric vehicles.
Today Askoll is an international group headquartered in Dueville, employing over 2000 people in 10 production facilities in strategic locations in Italy, Brazil, Mexico, Slovakia, Romania and China, as well as sales offices in the USA and South Korea.
www.askoll.com
FOR MORE INFORMATION CONTACT:
Eugene Fina, Vice President Marketing, Taco Comfort Solutions,
+1-401-942-8000 / g.fina@tacocomfort.com
Gianfranco Nanni, Marketing Director at Askoll Holding.
+390444930260 / gianfranco.nanni@askoll.com
